Technology is the enabler
Alongside investment in our people, Foxtons
continually invests in the latest technologies
and software. We re-invented our sales and
lettings processes through our: proprietary
CRM system - BOS; the introduction of My
Foxtons in 2003; Customer Data Platform
(CDP) in 2019; and Artificial Intelligence and
Machine Learning platform, DataRobot, in
2021. These technologies feed seamlessly
into each other, so we gain a much deeper
understanding of our client and customer
needs than any other estate agent. We
deliver a tailored service every time.
Training and data enable our people to meet
the differing expectations of every customer
- buyer, investor, landlord, management
companies, etc. Business clients choose
Foxtons for our detailed data consultancy;
we have the latest and most in-depth data
on the London property market and a wealth
of experience to support both strategic and
practical decisions.
FOXTONS DATA
AND TECHNOLOGY
18 The London Report 2022 | Foxtons data and technology
Over the last decade, data has become
one of the most significant assets a
company can hold. Building a complete
picture of a customer's preferences,
habits and needs is now a driving
force in growth and development. At
Foxtons, we've collected over 20 years
of sales and lettings data. Combining
this with third-party data, our skilled
team of analysts and scientists achieve
major growth through large-scale
data-led projects.
The incredible growth in computing
power has significantly increased our
capability to crunch millions of data
points from a variety of sources and to
build models that provide real insights
and recommendations. Building AI
models helps us understand and predict
the future needs of our clients and
customers.
Foxtons partnered with DataRobot, a
world leader in data science and AI, to
accelerate its data analytics and
modelling capabilities in order to better
serve clients and customers with more
data-driven strategic business decisions,
helping us to maintain our leading
position in the London market.
A machine learning model combs
through huge data sets to find patterns
of behaviours and make predictions.
DataRobot can use this information to
predict future behaviour at scale, so we
can identify customers most likely to
convert, and discover emerging trends
across London and the UK property
market.
We work with a range of developers
across London to help them make critical
decisions about their projects. Building
models that can understand the
dynamics of a local area and predict
future market trends provides clients
with insight on what's likely to succeed.
We also build models that identify which
buyers and renters are most suited to a
development, and use this to connect
applicants to properties across London.
Our primary use case has been the
deployment of a lead scoring model to
predict which properties are likely to be
instructed for sales in the next 12 months.
The model has been used to optimise
marketing spend and is also being used
to increase the productivity of our sales
teams by focussing on customers most
likely to convert. Initial results are
promising, with the number of sales
valuations booked up 51% in January and
February 2022 compared to the same
period last year. Modelling isn't just about
making predictions, it's about explaining
why an event is likely to happen. Having
built a model to look at what variables
are impacting whether a property is
likely to be sold, we have changed and
amended both our pricing strategy and
marketing strategy to maximise the
likelihood of a property being sold.
DATA SCIENCE & FOXTONS
THE PERFECT PARTNER
WHY IS DATA SCIENCE IMPORTANT?
WHAT MAKES THE FOXTONS AND
DATAROBOT PARTNERSHIP SO IMPORTANT?
WHAT DOES IT DO?
HOW DOES IT HELP CLIENTS AND CUSTOMERS?
WHAT RESULTS HAVE YOU SEEN?